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Some eye opening stats about the GOP job creator myth
2 years ago  ::  Nov 23, 2012 - 9:52AM #1
prof. quiz
Posts: 3,665

I'm glad the US voter said no to the party shilling for the uber wealthy. This should be required reading in every classroom. It's too late for us but hopefully our kids will correct this social injustice by fairly taxing these money horders.


  
Ten Numbers the Rich Would Like Fudged






The numbers reveal the deadening effects of inequality in our country, and confirm that tax avoidance, rather than a lack of middle-class initiative, is the cause.




1. Only THREE PERCENT of the very rich are entrepreneurs.






According to both Marketwatch and economist Edward Wolff, over 90 percent of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), personal business accounts, the stock market, and real estate. Only 3.6 percent of taxpayers in the top .1% were classified as entrepreneurs based on 2004 tax returns. A 2009 Kauffman Foundation study found that the great majority of entrepreneurs come from middle-class backgrounds, with less than 1 percent of all entrepreneurs coming from very rich or very poor backgrounds.


2. Only FOUR OUT OF 150 countries have more wealth inequality than us.


In a world listing compiled by a reputable research team (which nevertheless prompted double-checking), the U.S. has greater wealth inequality than every measured country in the world except for Namibia, Zimbabwe, Denmark, and Switzerland.


3. An amount equal to ONE-HALF the GDP is held untaxed overseas by rich Americans.


The Tax Justice Network estimated that between $21 and $32 trillion is hidden offshore, untaxed. With Americans making up 40% of the world's Ultra High Net Worth Individuals, that's $8 to $12 trillion in U.S. money stashed in far-off hiding places.


Based on a historical stock market return of 6%, up to $750 billion of income is lost to the U.S. every year, resulting in a tax loss of about $260 billion.


4. Corporations stopped paying HALF OF THEIR TAXES after the recession.


After paying an average of 22.5% from 1987 to 2008, corporations have paid an annual rate of 10% since. This represents a sudden $250 billion annual loss in taxes.


U.S. corporations have shown a pattern of tax reluctance for more than 50 years, despite building their businesses with American research and infrastructure. They've passed the responsibility on to their workers. For every dollar of workers' payroll tax paid in the 1950s, corporations paid three dollars. Now it's 22 cents.


5. Just TEN Americans made a total of FIFTY BILLION DOLLARS in one year.


That's enough to pay the salaries of over a million nurses or teachers or emergency responders.


That's enough, according to 2008 estimates by the Food and Agriculture Organization and the UN's World Food Program, to feed the 870 million people in the world who are lacking sufficient food.


For the free-market advocates who say "they've earned it": Point #1 above makes it clear how the wealthy make their money.


6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.


Another stat that required a double-check. Based on research by the Tax Policy Center, tax deferrals and deductions and other forms of tax expenditures (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes), which largely benefit the rich, are worth about 7.4% of the GDP, or about $1.1 trillion.


Other sources have estimated that about two-thirds of the annual $850 billion in tax expenditures goes to the top quintile of taxpayers.


7. The average single black or Hispanic woman has about $100 IN NET WORTH.


The Insight Center for Community Economic Development reported that median wealth for black and Hispanic women is a little over $100. That's much less than one percent of the median wealth for single white women ($41,500).


Other studies confirm the racially-charged economic inequality in our country. For every dollar of NON-HOME wealth owned by white families, people of color have only one cent.


8. Elderly and disabled food stamp recipients get $4.30 A DAY FOR FOOD.


Temporary Assistance for Needy Families (TANF) has dropped significantly over the past 15 years, serving only about a quarter of the families in poverty, and paying less than $400 per month for a family of three for housing and other necessities. Ninety percent of the available benefits go to the elderly, the disabled, or working households.


Food stamp recipients get $4.30 a day.


9. Young adults have lost TWO-THIRDS OF THEIR NET WORTH since 1984.


21- to 35-year-olds: Your median net worth has dropped 68% since 1984. It's now less than $4,000.


That $4,000 has to pay for student loans that average $27,200. Or, if you're still in school, for $12,700 in credit card debt.


With an unemployment rate for 16- to 24-year-olds of almost 50%, two out of every five recent college graduates are living with their parents. But your favorite company may be hiring. Apple, which makes a profit of $420,000 per employee, can pay you about $12 per hour.


10. The American public paid about FOUR TRILLION DOLLARS to bail out the banks.


That's about the same amount of money made by America's richest 10% in one year. But we all paid for the bailout. And because of it, we lost the opportunity for jobs, mortgage relief, and educational funding.


Bonus for the super-rich: A QUADRILLION DOLLARS in securities trading nets ZERO sales tax revenue for the U.S.


The world derivatives market is estimated to be worth over a quadrillion dollars (a thousand trillion). At least $200 trillion of that is in the United States. In 2011 the Chicago Mercantile Exchange reported a trading volume of over $1 quadrillion on 3.4 billion annual contracts.


A quadrillion dollars. A sales tax of ONE-TENTH OF A PENNY on a quadrillion dollars could pay off the deficit. But the total sales tax was ZERO.


It's not surprising that the very rich would like to fudge the numbers, as they have the nation.

www.alternet.org/economy/ten-numbers-ric...





2 years ago  ::  Nov 24, 2012 - 9:37AM #2
Demonseed
Posts: 1,457

So much for the 'Billionaires' selling off their stock and crashing the stock market if Romney isn't Elected.  It is about Greed and Money, all of this Doom and Gloom, and somehow, someway, nothing drastic has happenned.

2 years ago  ::  Nov 24, 2012 - 9:52AM #3
prof. quiz
Posts: 3,665

The DOW is at its highest peak in 5 years. I don't know why some of the uber wealthy made these silly, empty threats since $21-$32 trillion of their booty is hiding tax free overseas.

2 years ago  ::  Nov 24, 2012 - 12:24PM #4
MAX
Posts: 13,013

Nov 24, 2012 -- 9:37AM, Demonseed wrote:


So much for the 'Billionaires' selling off their stock and crashing the stock market if Romney isn't Elected.  It is about Greed and Money, all of this Doom and Gloom, and somehow, someway, nothing drastic has happenned.





It was just another GOP scare tactic that no one bought. The fiscal cliff is another one of their "Boy Who Cried Wolf" tales


2 years ago  ::  Nov 24, 2012 - 3:04PM #5
61in61
Posts: 18,446

Nov 24, 2012 -- 12:24PM, MAX wrote:


Nov 24, 2012 -- 9:37AM, Demonseed wrote:


So much for the 'Billionaires' selling off their stock and crashing the stock market if Romney isn't Elected.  It is about Greed and Money, all of this Doom and Gloom, and somehow, someway, nothing drastic has happenned.





It was just another GOP scare tactic that no one bought. The fiscal cliff is another one of their "Boy Who Cried Wolf" tales





I'm still hearing this fiscal cliff rant from my Republican friends. Somehow they convinced themselves that Romney would solve the problem even though he wouldn't actually BE president until mid January.

2 years ago  ::  Nov 25, 2012 - 8:30AM #6
MajorYankFan
Posts: 9,672

2 years ago  ::  Nov 25, 2012 - 9:04AM #7
prof. quiz
Posts: 3,665




 

2 years ago  ::  Nov 25, 2012 - 8:53PM #8
bobbyh
Posts: 707

And the left has done nothing at all!

2 years ago  ::  Nov 25, 2012 - 10:21PM #9
Yankee1954
Posts: 8,749

Nov 25, 2012 -- 8:53PM, bobbyh wrote:


And the left has done nothing at all!




Nope, just too busy winning elections!

2 years ago  ::  Nov 26, 2012 - 11:26PM #10
MajorYankFan
Posts: 9,672

Nick Hanauer on The Real Job Creators


One percenter, venture capitalist Nick Hanauer, openly admitted this year - rich Americans aren't the job creators. Consumers are.




Read more: www.randirhodes.com/pages/rrnews.html?fe...

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